Single-Floor Office Condo with
920 S Garfield Avenue Traverse City, MI 49686
For Sale
$150,000
COMMERCIAL - Traverse City, MI
Property Size727 SF
Lot Size0.62 Acres
Price / SF$206.33
Days on Market81
Property Features for 920 S Garfield Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Bathrooms
- 1
- Rooms
- Bathroom 1
- Parking features
- Parking Lot
- Exterior features
- Wood
- Standard status
- Active
- Size
- 727 SF
- Lot size
- 0.62 Acres
Taxes and HOA fees
- Tax Description
- UNIT 7 - HERITAGE SQUARE CONDOMINIUM GTC CONDO SUB PLAN NO 50 0868-0382 MASTER DEED RECORDED DECEMBER 19, 1991. 2021C-00028 1ST AMENDMENT TO MASTER DEED FILED APRIL 30, 2021.
Building Details
- Building materials
- Frame
- Roof type
- Asphalt
Listing Agency:
Spectra Real Estate LLC
(231) 649-2116
Listed By:
Doug Meteyer · License #6504206525
(231) 649-2116
Added: May 4
Changed: Jul 14
Last Checked: Jul 23 at 4:06PM
MLS# 1944635
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Quality built, single-floor office condominium designed for efficient day-to-day use. The layout includes three private offices, a private restroom, a reception area, and an open office pool area for additional workstations or collaboration. For practicality and organization, the unit also includes basement space for additional storage. Each office is supported by individual HVAC.
Set in a wooded office park in Traverse City, the property offers a more office-park style setting while remaining away from downtown traffic. Onsite parking is available, supporting straightforward access for employees and visitors.
This configuration suits a small professional team that needs dedicated private offices alongside a reception and open work area. The added basement storage can help keep files and supplies organized without taking space from the main work environment. With individual HVAC and an office-condo setup, it can also appeal to buyers looking for a manageable, self-contained work space within a shared office community.
Set in a wooded office park in Traverse City, the property offers a more office-park style setting while remaining away from downtown traffic. Onsite parking is available, supporting straightforward access for employees and visitors.
This configuration suits a small professional team that needs dedicated private offices alongside a reception and open work area. The added basement storage can help keep files and supplies organized without taking space from the main work environment. With individual HVAC and an office-condo setup, it can also appeal to buyers looking for a manageable, self-contained work space within a shared office community.
Key Highlights
- Single‑floor office condominium with individual HVAC
- Includes three private offices plus reception area and open office pool area
- Private restroom and additional basement storage
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $12.2k | $16.80 |
| − Vacancy | −$1.8k | −$2.52 |
| EGI | $10.4k | $14.28 |
| − OpEx | −$2.6k | −$3.57 |
| NOI | $7.8k | $10.71 |
727 SF · lease $16.80/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$111.2K
$97.3K – $129.8K
NOI $7,786 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$157.9K
$138.2K – $184.3K
NOI $11,055 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Ford Insurance Inc
Insurance Agency
FAQs
What type of property is this?
Office units - Single-floor office condominium with individual HVAC, private offices, reception area, and basement storage plus onsite parking.
Where is this office units located?
The property is located at 920 S Garfield Avenue Traverse City, MI.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Single‑floor office condominium with individual HVAC; Includes three private offices plus reception area and open office pool area; Private restroom and additional basement storage
